Man working at his desk at home and waving on a video call.

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Tip: It’s not your house or car.

Key Point

  • Inflation can affect finances in many negative ways.
  • There is one thing you can do to secure your finances. You might be surprised to find out what it is.
  • Developing job skills is a smart investment.

Before 2022, many may not have thought much about the concept of inflation. As time goes on, the cost of living generally tends to rise. And it’s natural. But this year, the pace of inflation has really gotten out of hand. As a result, many consumers had no choice but to hunt down savings accounts and rack up debt with credit cards to make ends meet.

Unfortunately, today’s consumers can do little to avoid overspending on essential bills. But Warren Buffett, the investment giant and his CEO of Berkshire Hathaway, has one thing he can do to protect himself from the effects of inflation.

It’s all about developing work skills

At a recent Berkshire Hathaway shareholder meeting, Buffett said one of the best ways to protect yourself in the face of inflation is to improve your job skills and come out on top in your field. Buffett says that being “very good at something” is a smart idea.

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cause? Job skills are inflation resistant, unlike currency. Also, if you have a skill that is in high demand, chances are that skill will continue to be in demand no matter what the dollar is worth.

Buffett argues that job skills cannot be taken away. And inflation doesn’t erode them. So, if you invest in yourself, you’ll have great protection during a time when the cost of living is high. Because you have the option to claim the salary you want, as long as you can prove you’re worth the higher wages.

What job skills should you focus on developing?

There are different types of job skills that you pay to boost. First, think about the skills that are essential for a particular job. If you’re an IT professional, you may need to learn a coding language that’s becoming more and more adopted. If you are a tax professional, make sure you understand the latest tax strategies and regulations. Also, make sure your marketers are up to date with the latest trends.

Then there are soft skills. This applies to any job. Soft skills range from being a good time manager to being an effective communicator. These skills are also worth strengthening as they will help you succeed in any role you take on.

Imagine having a hard time managing your time and missing a deadline. It may hinder your career growth. But if you learn how to manage your time well, you’ll be ready for more opportunities and potentially higher wages. Additionally, if you learn to manage your time within the context of your current job, you can transfer that skill to other jobs.

Advice worth following

Warren Buffett often shares advice on how to invest money you don’t need to save. But he is a firm believer in investing in himself. And if you want to protect yourself in times of inflation, perhaps the best thing you can do is make yourself the most valuable asset possible.

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